Maiden Holdings Reports Filings Made to Re-domesticate Maiden Reinsurance Ltd. to State of Vermont & Updates NASDAQ Listing S...
October 16 2019 - 5:21PM
Business Wire
Maiden Holdings, Ltd. (NASDAQ: MHLD) ("Maiden" or the "Company")
today reported that its principal operating subsidiary, Maiden
Reinsurance Ltd. (“Maiden Bermuda”) had submitted the necessary
filings to re-domesticate from Bermuda to the State of Vermont in
the United States. While the Company is presently targeting a
completion of the re-domestication process on or about January 1,
2020, both the licensing in Vermont and the discontinuation process
in Bermuda are subject to approval by those respective
regulators.
The Company has determined that re-domesticating the Company to
Vermont will enable the Company to better align its operations,
capital and resources with the Company’s liabilities, which
originate mostly in the United States, resulting in a more
efficient structure.
The proposed re-domestication, in combination with an extended
series of actions previously taken and done in close consultation
with the Bermuda Monetary Authority to de-risk the Company’s
balance sheet, will continue to strengthen the Company’s capital
position and solvency ratios.
The Company also announced that it has applied to transfer the
Company’s listing of its common shares from The NASDAQ Global
Select Market to The NASDAQ Capital Market. The NASDAQ Capital
Market is a continuous trading market that operates in
substantially the same manner as The NASDAQ Global Select Market
and listed companies must meet certain financial requirements and
comply with The NASDAQ Stock Market LLC’s (“NASDAQ”) corporate
governance requirements. The Company’s common shares will continue
to trade under the symbol “MHLD” and will continue to trade on the
NASDAQ Global Select Market during NASDAQ’s review of the
application to transfer.
As previously reported on a Current Report on Form 8-K filed
with The Securities and Exchange Commission on April 19, 2019, the
Company received a letter from NASDAQ informing the Company that
the Company did not meet the requirement to maintain a minimum bid
price of $1.00 per share for 30 consecutive business days. After
consultation with NASDAQ, the Company has applied to transfer the
listing of its common shares from The NASDAQ Global Select Market
to The NASDAQ Capital Market.
About Maiden Holdings, Ltd.
Maiden Holdings, Ltd. is a Bermuda-based holding company formed
in 2007.
Forward Looking Statements
This release contains "forward-looking statements" which are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. The forward-looking
statements are based on the Company's current expectations and
beliefs concerning future developments and their potential effects
on the Company. There can be no assurance that actual developments
will be those anticipated by the Company. Actual results may differ
materially from those projected as a result of significant risks
and uncertainties, including non-receipt of the expected payments,
changes in interest rates, effect of the performance of financial
markets on investment income and fair values of investments,
developments of claims and the effect on loss reserves, accuracy in
projecting loss reserves, the impact of competition and pricing
environments, changes in the demand for the Company's products, the
effect of general economic conditions and unusual frequency of
storm activity, adverse state and federal legislation, regulations
and regulatory investigations into industry practices, developments
relating to existing agreements, heightened competition, changes in
pricing environments, and changes in asset valuations. Additional
information about these risks and uncertainties, as well as others
that may cause actual results to differ materially from those
projected is contained in Item 1A. Risk Factors in the Company's
Annual Report on Form 10-K for the year ended December 31, 2018 as
updated in periodic filings with the SEC. However these factors
should not be construed as exhaustive. Forward-looking statements
speak only as of the date they are made and the Company undertakes
no obligation to update or revise any forward-looking statement
that may be made from time to time, whether as a result of new
information, future developments or otherwise, except as required
by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20191016005926/en/
Sard Verbinnen & Co. Maiden-SVC@sardverb.com
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